AllianceBlock Brings New Funding, Interoperability and Data Ownership Solutions to Elrond Ecosystem in New Partnership

As a chain-agnostic project aiming to break the boundaries between decentralized and traditional finance, we aim to grow our industry reach, while at the same time helping the DeFi ecosystem succeed. In the past, we have announced ongoing collaborations with top projects including Avalanche’s Ava Labs, Hedera Hashgraph, Binance Smart Chain and Energy Web. Today, we’re excited to announce that we’re extending our solutions to yet another rich ecosystem of dapps through a partnership with Elrond, one of the most prominent layer 1 protocols in the industry. Through this partnership, we’re contributing to the Elrond blockchain platform growth with new interoperability, funding and data ownership solutions. At the same time, we’re integrating yet another reputable project into our product suite, community and future access to institutional participants.

Bringing DEX and Liquidity Mining solutions to Elrond’s dapps

AllianceBlock will also strategically collaborate with the Elrond team to rewrite the solidity contracts and deploy AllianceBlock’s upcoming decentralized exchange on Elrond. The Elrond integration with AllianceDEX will also help allow users to perform cross-chain swaps and offer better control over impermanent loss for Elrond-focused participants. After the DEX is released and integrated with our partners, AllianceBlock will move to implement Liquidity Mining as a Service for Elrond. The integration of the upcoming DEX and Liquidity Mining solutions on Elrond will allow the popular ecosystem to grow with access to immediate liquidity, while at the same time inviting several new projects and tokens into AllianceBlock’s platform.

Helping the ecosystem grow with access to EVM Functionalities via AllianceBridge

Elrond uses sharding to provide extremely fast transaction speeds and can support a modern technology ecosystem that includes fintech, decentralized finance (DeFi), and the Internet of Things (IoT). The Elrond protocol is fast, secure, and highly scalable, and it can support distributed apps and enterprise use cases in the new internet economy. However, it is non-EVM (Ethereum Virtual Machine) compatible. The partnership with AllianceBlock will bring together the technical knowledge and expertise required to integrate the two projects and bring the EVM functionalities of AllianceBlock to the non-EVM blockchain of Elrond. This ecosystem-enhancing solution will be executed by integrating Elrond into AllianceBridge, our fully decentralized, interoperability solution. This means that yet another major chain is supported by AllianceBridge after Ethereum, Polygon, Avalanche and Binance Smart Chain.

Opening Up New Data Ownership and Monetization Opportunities with the Data Tunnel

In addition to the above, AllianceBlock’s Data Tunnel, our ‘Netflix of Data’, will be deployed on Elrond. This will allow Elrond’s users to monetize their data, unlock new income streams, generate value, and control how confidential data is used — and by whom.

By working hand in hand with the Elrond team, AllianceBlock will support the integration and expansion of Elrond within the AllianceBlock ecosystem. This will bring the many blockchain-powered uses and benefits of both projects to users of both services, inviting more traffic from the DeFi community, as well as eventually opening Elrond to liquidity from institutional financial players as well.

Rachid Ajaja, our CEO and Founder of AllianceBlock, had the following to say about the partnership:

“Here at AllianceBlock, we pride ourselves on the fact our partnerships are based on real tech and are always mutually beneficial. By extending our funding, interoperability and data ownership solutions to Elrond, we’re contributing to the growth of their rich ecosystem of dapps. At the same time, we’re inviting yet another amazing project and community onto AllianceBlock’s platform and product suite. This is just step one. We look forward to giving our strategic input on how to grow and position the Elrond ecosystem in a way that makes it easy for institutional liquidity providers to enter their market.”
Beniamin Mincu, Elrond Network’s CEO, has commented the following:

“The mission of DeFi products running on blockchain technology is to help the finance world evolve and elevate service offerings to match the high speeds, low costs, and 24/7 availability that are expected from a fully digitized global economy. The Elrond Network has been architected to be the backbone of such a high bandwidth financial system, and the AllianceBlock integration will help our technology and DeFi ecosystem to merge seamlessly into traditional finance.” About Elrond

Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.

About AllianceBlock

AllianceBlock is bridging the gap between decentralized finance (DeFi) and traditional finance (TradFi), by remedying issues that exist in both spheres and linking them more closely together. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.

Building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities around the world with the tools they need to seamlessly access the DeFi space.

Telegram · Twitter · Website · LinkedIn · YouTube · Newsletter